Biostimulant Market Growth Opportunities, Sales, Revenue, Consumptions, Industry Analysis and Forecasts 2024
Global Biostimulant Market report forecast 2019-2024 is a professional and detailed study on the present state also focuses on the major drivers, Biostimulant business strategists and effective growth for the key players. Global Biostimulant Industry also provides granular analysis of the Biostimulant market dynamics, share, segmentation, revenue forecasts and facilitate better decision-making.
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The global biostimulant market was valued at USD 2.19 billion in 2019 and is expected to register a CAGR of 12.52% during the forecast period (2019-2024). In 2017, Europe was the largest geographical segment of the market studied and accounted for a share of around 40.2% of the market.
The organic food industry, which is growing at a healthy rate, is the major driving force behind the growth of the biostimulant industry. Increased awareness among the farmers (especially in Asia-Pacific) about the benefits of biostimulants, is another factor augmenting the growth of the market studied. The market is also growing due to the increased adoption of sustainable farming methods.
Scope of the Report
Biostimulants are chemicals or microorganisms that help enhance the growth of the plant. They do not serve nutrient deficiency. Instead, they increase nutrient availability, water holding capacity, metabolism, and the production of chlorophyll.
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Key Market Trends
Expansion of Organic Food Industry driving the Market
Organic biostimulants are significant for the future of the agricultural industry, in terms of promoting organic practices. Biostimulants can enhance soil microflora, which, in turn, helps make the uptake of nutrients more efficient. they increase antioxidant activity in plants and boost internal defenses against environmental stresses and disease pressure. Biostimulants are associated with organic farming and gardening, which are currently witnessing healthy progress in conventional agriculture as well. Biostimulants are increasingly being perceived as a response to consumer demand for softer’ agricultural practices. Organic food and related agriculture currently account for around 5.0-10.0% of the food market, varying from region to region. As organic food products are produced without using any pesticide or fertilizer, the demand for plant biostimulants is on the rise. Consequently, the increasing popularity of organic farming drives the demand for biostimulants.
Europe dominates the Global Market
The European Union’s stringent regulations on environmental safety and support for organic farming have paved the way for a flourishing biostimulant market in European countries, such as Germany, Italy, and France. In addition, inventions in plant biostimulants, targeting specific agronomic needs, are attracting new customers in Europe. Europe is the largest segment of the global biostimulant market and is expected to record a robust growth rate. Owing to the ready availability of raw materials and high effectiveness, humic acid is the largest category of biostimulants consumed and marketed in Europe. Humic acid-based products account for about 20.0% of the European segment of the market studied. Some of the major crops where biostimulants are applied are – citrus, pome fruits, grape, olives, broccoli, cabbage, carrots, cauliflower, cucumber, onion, eggplant, garlic, melons, tomato, squash, watermelon, pepper, tomato, wheat, rice, maize, oil seed, sugar beet, turf, flowers, and ornamentals.
The global biostimulant market is highly fragmented, with various small and medium-sized companies and a few big players, resulting in stiff competition in the market. The development of regional markets and local players in different parts of the world is the major factor for the fragmented nature of the market. North America and Europe are the two regions showing maximum competitor activities.
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Table of Contents included in Biostimulant Market Report –
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by end-user industry
PART 07: Market segmentation by application
PART 08: Geographical Segmentation
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
List of abbreviations
List of Exhibits
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